Oil Price Tumble Not Over But Big Upside Lies Ahead

The Greek referendum, a potential nuclear deal in Iran, China’s economic foibles and heavy supply all conspired to torpedo oil prices Monday. August crude fell 7.7% to $52.53 a barrel as oil futures fell to their lowest settlement in almost three months.

Technically, the lows of 2008 are within sight. Energy stocks have a somewhat brighter future but will still need time to establish a bottom. So tighten your seatbelt.